The US and global benchmarks have gained this year as the Organization of the Petroleum Exporting Countries (OPEC) and big producers such as Russian Federation have curbed output to bolster prices. The contract closed on the ideal stage since Might 22 on Wednesday.
The global benchmark Brent crude for September delivery gained 2.85 dollars, or 4.4 percent, to close at 67.01 dollars a barrel on the London ICE Futures Exchange, the highest finish since May 29. USA crude stocks fell by 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, more than the 3.1-million-barrel draw analysts had expected.
On the storm watch end, USA oil producers cut almost a third of the crude output from the Gulf of Mexico ahead of Tropical Storm Barry, which was headed for an already water-logged New Orleans, where it was forecast to make landfall by late Friday or early Saturday as the first Atlantic hurricane of the 2019 season.
U.S. Vice President Mike Pence said later in the day that his country will continue to pile up economic pressure on Iran and defend U.S. interests as Tehran went one step further to endanger the nuclear deal.
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Expectations for a USA interest-rate cut and the tension in the Middle East are also helping, he said.
Meanwhile, distillate stockpiles increased by 3.7 million barrels, beating forecasts for an increase of 0.74 million barrels. This is also propping up prices.
The IEA said the "main message" of its closely-watched report was that oil supply in the first six months of 2019 had exceeded demand by 0.9 million barrels per day.
The forecast points to the return of a surplus despite an OPEC-led pact to restrain supplies. This stockpile draw comes as the OPEC plus group agree to extend the current output cut. The potential supply concerns due to the approaching tropical storm are a real short-term problem.
France, Germany, Britain and the EU High Representative on Tuesday expressed "deep concerns" over Iran's fresh move to raise the concentration of its enriched uranium beyond agreed limits, calling for an urgent meeting of a joint commission on the issue. Therefore, unless the weather conditions suddenly improve and production resumes, this story is likely to drive the price action today. The September WTI crude oil support is $59.12 and the September Brent crude oil's support is at $66.63.